EU approves embargo on Russian gold imports over Ukraine war

The European Union approved on Wednesday (20) an embargo on gold imports from Russia and a series of measures to complete the six sanctions packages adopted since the beginning of the Russian offensive in Ukraine, announced the Czech presidency of the EU.

“The new measures will allow the EU to align with its G7 partners, improve law enforcement and fill any necessary gaps,” the Czech presidency said on Twitter.

The EU will ban imports of Russian-origin gold, including jewelry. It will also freeze the assets of Russian bank Sberbank and add various personalities and entities to its negative list.

The bloc also pledged that the sanctions “do not jeopardize the world’s food and energy security.”

The agreement provides for the possibility for member states “to authorize the release of certain frozen funds or economic resources belonging to Russian banks (…) after having established that these funds or economic resources are necessary for the purchase, import or transport of products agricultural and food products, including wheat and fertilizers”.

Thus, seven Russian banks – Bank Rossiya, Promsvyaebank, VEB-RF (or Vnesheconombank; VEB), Otkritie FC Bank (formerly known as NOMOS Bank), Novikombank, Sovcombank (formerly Buycombank) and VTB Bank – will benefit from this revocation.

The EU has not imposed sanctions on Russian-produced grains, seeds and fertilizers, though it accuses Moscow of causing shortages by raising prices by blocking Ukraine’s grain exports and a 30% export tax on its grain.

For the measure to take effect, the agreement reached by EU countries’ ambassadors in Brussels will have to be ratified by the different governments before its publication in the Official Gazette on Thursday, diplomatic sources said.